If you are an investor interested in taking advantage of the current Real Estate market Somerset County does offer you opportunity in an increasing number of foreclosure properties.  Thirteen properties in North Plainfield are slated to go to foreclosure auction.  Two properties in Green Brook, one in Warren and 10 in Bridgewater are listed for upcoming Sheriff’s Sales.  Properties in Bedminster, Bound Brook, Franklin (Somerset), Hillsborough, Manville and Montgomery also are represented in the listings.

Some things you should know before bidding on a foreclosure property up for auction include;

— No prior inspection of the property is allowed.

— Possession of the property is not allowed until 10 days after the bang of the gavel or until the purchaser receives the deed.

— The owner of the property going to foreclosure has 10 days to reverse his cash-flow situation; in other words, if the money becomes available the owner can save the property from foreclosure.

— The purchaser is responsible for paying back taxes, government liens, condominium fees or liens from prior mortgages.

Doing some research ahead of time will increase a perspective buyer’s chance of making a good investment.  A great deal of relevant information can be obtained by making a visit to the tax office where the property is listed to see what liens might exist on the property. A brief description of the property’s interior also may be included, as in three bedrooms, two bathrooms, etc.  A title search on the property address can also reveal liens on the property.

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